Funding, Carbon Credits Pouring in Africa Via Clean-Cooking Plan
Governments and the private sector have so far disbursed $470 million of the $2.2 billion pledged at an IEA event last year, exceeding the annualized disbursements needed to fulfill the commitments by 2030.
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Nat-Gas Prices Slip on Robust US Production and Ample Supplies
September Nymex natural gas (NGU25) on Friday closed down -0.023 (-0.74%). Sep nat-gas prices on Friday gave up an early advance and moved lower as US nat-gas output continues to increase year-over-year and current gas supplies are well above normal. As of July 25, nat-gas inventories were +6.7% above their 5-year seasonal average, signaling adequate nat-gas supplies. More News from Barchart Nat-Gas Prices Recover on Forecasts for Hotter US Weather Crude Prices Retreat on Dollar Strength and US Tariff Policies Crude Prices Fall on Concern Tariff Policies Will Slow Energy Demand Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Nat-gas prices initially moved higher on Friday due to forecasts for hot US weather, which will boost nat-gas demand from electricity providers to power air-conditioning usage. On Friday, forecaster Atmospheric G2 said that forecasts shifted warmer for the Midwest, Southwest, and Texas for August 6-10, and forecasts turned hotter across much of the eastern half of the US for August 11-15. On Thursday, nat-gas prices tumbled to a 3.25-month low after weekly nat-gas supplies rose more than expected. Also, higher US nat-gas production is weighing on prices as recent US nat-gas output is up year-over-year. Moreover, expectations for even higher US nat-gas production are also weighing on nat-gas prices after Friday's weekly report from Baker Hughes showed that the number of active US nat-gas drilling rigs in the week ending August 1 rose by +2 to a 2-year high of 124 rigs. Lower-48 state dry gas production on Friday was 108.1 bcf/day (+3.4% y/y), according to BNEF. Lower-48 state gas demand on Friday was 76.1 bcf/day (-13.0% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Friday were 15.2 bcf/day (+2.3% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 26 rose +8.1% y/y to 98,772 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 26 rose +2.7% y/y to 4,258,448 GWh. Thursday's weekly EIA report was bearish for nat-gas prices since nat-gas inventories for the week ended July 25 rose +48 bcf, above the consensus of +41 bcf and the 5-year average of +24 bcf for the week. As of July 25, nat-gas inventories were down -3.9% y/y, but were +6.7% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 30, gas storage in Europe was 68% full, compared to the 5-year seasonal average of 76% full for this time of year. Baker Hughes reported Friday that the number of active US nat-gas drilling rigs in the week ending August 1 rose by +2 to a 2-year high of 124 rigs. In the past ten months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Oil Giants Shock Wall Street: How Exxon and Chevron Beat the Crash
Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) both delivered upside surprises in Q2, fueled by record oil production that helped counter weaker crude prices. Exxon reported its highest second-quarter output since the Mobil merger more than 25 years ago, while Chevron hit an all-time high at nearly 4 million barrels per day. That surgedriven largely by shale growth in the Permian Basinwas enough to outpace Wall Street forecasts: Exxon posted $1.64 in adjusted EPS (vs. $1.56 expected), and Chevron came in at $1.77 (vs. $1.71). Investors responded positively, with Chevron shares gaining as much as 2%, topping the day's S&P 500 energy leaderboard. While Exxon kept buybacks steady at $20 billion a year, CEO Darren Woods made it clear the company isn't done hunting for deals. Just 16 months after acquiring Pioneer for $60 billion, Woods said Exxon is actively evaluating more M&A, calling it a way to deliver on this equation of one plus one equaling more than three. Chevron, meanwhile, just cleared a key hurdle in its $53 billion Hess acquisition, and is shifting toward a more cash-focused strategy. Despite trimming buybacks this quarter, the company reaffirmed its annual repurchase goal of up to $15 billion. Both companies acknowledged the backdrop remains tricky. Oil prices have been volatile amid OPEC+ supply moves and lingering global demand uncertainty. Chevron's CFO flagged the possibility of some price pressure in the second half of the year, while Exxon signaled it's pressing forward in U.S. shale regardless. The broader message? Even in a choppy environment, scale, capital discipline, and strategic optionality are giving Big Oil room to maneuverand potentially, room to grow. This article first appeared on GuruFocus.
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PPL utilities reach agreement on adding 1.3 GW of gas-fired power, mainly for data centers
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Two PPL Corp. utilities — Louisville Gas and Electric and Kentucky Utilities — reached a settlement agreement that clears a path for building about 1.3 GW of gas-fired generation to serve potential data centers and other emerging loads, the parent company said Tuesday. LG&E and KU expect 1,875 MW of new data center load and 580 MW of other commercial and industrial growth on their systems through 2032, according to testimony filed earlier this month at the Kentucky Public Service Commission. The settlement agreement filed with the PSC calls for the agency to approve two 645-MW combustion turbine units to be built at two power plants as well as a selective catalytic reduction system to be added to the coal-fired Ghent generating station's 485-MW Unit 2, PPL said in a U.S. Securities and Exchange Commission filing. The generating units would come online in 2030 and 2031. The agreement pushes out the retirement date of the 297-MW, coal-fired Mill Creek 2 until Mill Creek 6, one of the planned gas-fired units, begins operating. The new unit is set to come online in 2031 and the coal-fired unit is currently set to be retired in 2027. However, LG&E and KU plan to assess whether it makes sense to operate the coal-fired unit beyond the in-service date of Mill Creek 6. Also, if the PSC approves the agreement, the utilities would withdraw their proposal to build a four-hour, 400-MW battery electric storage system at LG&E's Cane Run power plant, according to the filing. They may seek to add a similar facility using a competitive procurement process, according to the agreement. The PPL utilities agreed to issue a request for proposals for renewable energy and energy storage by mid-2026, with a goal of gaining PSC approval for any selected resources by the end of 2028. Starting next year, LG&E and KU pledged to file annual reports on their participation in the Southeast Energy Exchange Market, including company-specific cost and benefit assessments and underlying data, according to the agreement. The utilities were expected to spend about $4.1 billion on the initial plan, including about $900 million on the battery storage project, according to Allentown, Pennsylvania-based PPL. The company said it is not changing its $20 billion capital plan, which runs through 2028, or rate base projections, because it expects to make additional investments, including transmission investment to support data centers in Pennsylvania. The agreement includes a list of criteria that can be used for the PSC to assess the reasonableness of the utilities' spending before the investments are added to customer rates. One metric that would show the utilities acted prudently — a standard for cost recovery approval — in building Mill Creek 6 is having at least 500 MW of executed electric service agreements under the companies' proposed 'extremely high load factor' rate entered into by the unit's in-service date. The parties to the agreement include LG&E and KU; Kentucky's attorney general, through the Office of Rate Intervention; Kentucky Industrial Utility Customers; the Southern Renewable Energy Association; and the Kentucky Coal Association. In mid-June, the Sierra Club urged the PSC to reject the utilities' plan to build power plants to supply potential data centers until there was firmer evidence the data centers would be built. As part of the settlement, LG&E and KU agreed to give semi-annual construction, economic development and load forecast updates to the PSC, a measure sought by the Sierra Club. The PSC has set a hearing on the agreement to begin on Aug. 4 and LG&E and KU expect a commission decision in the fourth quarter, according to PPL. Recommended Reading Kentucky PSC partly approves PPL's $2.1B plan to retire coal, add gas, solar and storage Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
